Correlation Between Zhejiang HISUN and Thinkingdom Media
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By analyzing existing cross correlation between Zhejiang HISUN Biomaterials and Thinkingdom Media Group, you can compare the effects of market volatilities on Zhejiang HISUN and Thinkingdom Media and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Zhejiang HISUN with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang HISUN and Thinkingdom Media.
Diversification Opportunities for Zhejiang HISUN and Thinkingdom Media
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Zhejiang and Thinkingdom is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang HISUN Biomaterials and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and Zhejiang HISUN is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Zhejiang HISUN Biomaterials are associated (or correlated) with Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Zhejiang HISUN i.e., Zhejiang HISUN and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Zhejiang HISUN and Thinkingdom Media
Assuming the 90 days trading horizon Zhejiang HISUN Biomaterials is expected to generate 0.52 times more return on investment than Thinkingdom Media. However, Zhejiang HISUN Biomaterials is 1.94 times less risky than Thinkingdom Media. It trades about -0.09 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about -0.08 per unit of risk. If you would invest 1,049 in Zhejiang HISUN Biomaterials on October 30, 2024 and sell it today you would lose (68.00) from holding Zhejiang HISUN Biomaterials or give up 6.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang HISUN Biomaterials vs. Thinkingdom Media Group
Performance |
| Timeline |
| Zhejiang HISUN Bioma |
| Thinkingdom Media |
Zhejiang HISUN and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang HISUN and Thinkingdom Media
The main advantage of trading using opposite Zhejiang HISUN and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang HISUN position performs unexpectedly, Thinkingdom Media can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| Zhejiang HISUN vs. Zijin Mining Group | Zhejiang HISUN vs. Wanhua Chemical Group | Zhejiang HISUN vs. Baoshan Iron Steel | Zhejiang HISUN vs. Shandong Gold Mining |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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